Tuesday 6 December 2016

'Greater transparency' from all State bodies promised in new code of corporate governance

Published 18/08/2016 | 02:30

Paschal Donohoe Picture: Tom Burke
Paschal Donohoe Picture: Tom Burke

A new Code of Practice for the Governance of State Bodies will place "greater emphasis on accountability and transparency" on State boards, Public Expenditure Minister Paschal Donohoe has said.

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The document, published yesterday, addresses a series of areas, including remuneration, board structures and oversight.

However, the minister is hoping that agencies adopt the guidelines voluntarily as to legislate would be too difficult.

"In light of the scale and diversity of roles carried out by State bodies, the code is not a 'one size fits all' document, but rather acts as a framework to ensure that both commercial and non-commercial State bodies meet the highest standards of corporate governance commensurate with their significant public roles and responsibilities," Mr Donohoe said.

He added that he hopes bodies will implement any changes needed to come into line with the code over the next 12 months, at which stage a review will take place.

Among the guidelines for board members is that they should be available to attend 100pc of meetings and that attendance should be considered when the member is due to be re-appointed.

It also states that any skill gaps present on a board should be brought to the attention of the relevant minister.

Irish Independent

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